Enterprise Risk Management - Internal Audit relationship - Online Classroom

• Understand enterprise risk and audit functions
• Align and harmonise risk and audit activities, methodologies, and objectives of both risk management and internal audit
• Understand step-by-step approach to implement integrated risk and audit functions:

Topics covered include:

1. Overview of Enterprise Risk Management (ERM):

• Overview of ERM principles and objectives
• Understand the importance of ERM in organizational decision-making
• Review risk frameworks and standards (e.g., COSO, ISO 31000)

2. Overview of Internal Audit:

• Understand role and responsibilities of Internal Audit
• Overview standards and guidelines (e.g., IIA Standards)
• Review Internal Audit's contribution to organisational governance.

3. Understand and implement Risk Governance:

• Board and executive oversight of risk
• Integration of risk management into organisational strategy
• Role of internal audit in risk governance.

4. Risk identification and mitigation:

• Techniques and methodologies for risk identification
• Risk assessment processes and tools
• Internal Audit's involvement in risk assessment
• Develop and implement risk mitigation strategies
• Evaluate and enhance internal controls
• Internal Audit's role in assessing control effectiveness

5. Align ERM with Internal Audit:

• Integrate ERM into internal audit processes
• Collaborate between risk management and internal audit functions
• Case studies on successful alignment.

6. Role of Internal Audit in Risk Monitoring:

• Continuous monitoring of risks
• Key risk indicators and monitoring frameworks
• Internal Audit's contribution to risk monitoring.

7. Audit reporting, communication and recommendations:

• Develop audit findings into a comprehensive report highlighting areas of compliance, strengths, weaknesses, and recommendations for improvement.
• Effective reporting of risks and audit findings
• Communicate risk information to stakeholders
• Internal Audit's role in enhancing risk communication
• Provide actionable recommendations based on audit observations and industry best practices to enhance the risk appetite framework.

8. Technology and Data Analytics in Risk Management and Internal Audit:

• Leverage technology for risk identification and assessment
• Data analytics for risk monitoring and internal audit activities
• Case studies on technology-driven risk management

9. Emerging Trends and Challenges:

• Current trends shaping ERM and internal audit
• Challenges and opportunities in aligning ERM and internal audit
• Strategies for adapting to evolving risk landscapes.